Mandatory notification of trade

Stavanger, 8 March 2011: The board of Norwegian Energy Company (Noreco) has in accordance with Noreco's option scheme decided to issue employee share options. A total of 4 279 384 options have been issued, each with a strike price of NOK 8.04 per share. The options may be exercised during a period from 3 to 5 years from the date of grant...

A total of 4 279 384 options have been issued, each with a strike price of NOK 8.04 per share. The options may be exercised during a period from 3 to 5 years from the date of grant.

The following primary insiders have received share options:

Name - number of options - new balance options - shares
Kjetil Bakken - 169652 - 259024 - 55416
John Bogen - 175835 - 329292 - 88582
Erik Borg - 65484 - 190289 - 11128
Ellen Sandra Bratland - 184080 - 359771 - 61010
Simon Campbell - 74627 - 210598 - 101698
Lars Fosvold - 184080 - 423326 - 136111
Einar Gjelsvik - 325780 - 696902 - 129993
Ørjan Gjerde - 169652 - 169652 - 60000
Liselotte Kiørboe - 59690 - 147148 - 18331
Odd Kjørholt - 72139 - 204325 - 49610
Bård Lærum - 67910 - 185298 - 54329

Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

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